1115.org

Reuters (3/30/06):

U.S. Treasury Secretary John Snow on Thursday warned against steps that could restrict investment in the United States that were proposed after a foreign company was approved to operate U.S. ports.”I’m particularly concerned these days about enacting policy changes that would prompt companies from other countries to scale back or pull back their investments in the United States.”

New York Times (3/30/06):

A prominent Republican in Washington who consults often with the White House said [Josh] Bolten, who is to assume his duties next month, wants Mr. Bush to replace the Treasury secretary, John W. Snow, with someone who can more forcefully communicate the administration’s message that the economy is strong.

Someone predicted this last year. Luckily Snow’s office is on a lower floor than Hudsucker Industries so that when he tries to jump out the window, he’ll be OK.

[Update by Sarabeth - 9:30am]

Among the names being mentioned to replace Snow were Henry Paulson, chief executive of Goldman Sachs; John Mack, chief executive of Morgan Stanley, and Richard Parsons, chairman of Time Warner, the newspaper said.

The Times quoted Republicans as saying if a new secretary was picked from Wall Street, it would help reassure financial markets that are worried about growing budget and trade deficits.

So once again, their response to a problem is not to address it, but to massage perceptions? Forget about doing anything to reduce the budget deficit, or address the trade deficit. Financial markets are worried about the size of the deficits? Give them a Treasury Secretary who’s one of their own, and that’ll reduce the size of the problem.

This is worse than applying a band-aid to a major injury. They’re applying make-up.